South Korea’s Financial Supervisory Service plans to establish a self-regulatory mechanism for the crypto industry this year

Odaily Planet Daily News South Korean financial authorities are introducing self-regulatory regulations for virtual asset disclosure this year. Currently, the second phase of the bill regulating the disclosure and issuance of virtual assets is under discussion, and the policy is to implement self-regulation and minimize regulatory loopholes. In addition, it is planned to refer to overseas regulatory cases, including the development of the virtual asset industry, to support the formulation of the second phase of the bill. The Financial Supervisory Service announced in the "2025 Work Plan" released on the 10th that it will establish a self-regulatory mechanism for virtual asset disclosure. The Virtual Asset User Protection Act (Virtual Asset Act), which came into effect in July last year, focuses on investor protection, including prohibiting unfair trading practices. The second phase of the bill is still under discussion, including a market discipline system for virtual asset disclosure and issuance. The financial authorities will first establish a self-regulatory mechanism, such as allowing companies to voluntarily disclose information to prevent investors from losing money due to regulatory loopholes. In addition, it plans to formulate guidelines for sales activities such as advertising and marketing. The Financial Supervisory Service also actively supports the second phase of legislation being promoted by the National Assembly and the government, and will study overseas regulatory systems that include innovative content in the virtual asset industry and reflect them in the bill. (News1)